# HOYA CORPORATION: business model and financials

> Latest period: FY ending Mar 2026, consolidated, IFRS
> Unit: JPY millions
> Sources: 訂正有価証券報告書－第88期(2025/04/01－2026/03/31) (S100YD7J)
> Page: https://vizora.meequs.com/en/company/hoya
> Retrieved: 2026-09-30T20:59:28.788Z

## Company

HOYA, founded in 1989, is a company in Medical Devices listed on TSE Prime. It has 37,752 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | HOYA CORPORATION |
| Ticker | 7741 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7741.T) |
| Listing | TSE Prime |
| Head office | 東京都新宿区西新宿六丁目10番1号 |
| Representative (per filing) | 取締役兼代表執行役 最高経営責任者 池田 英一郎 |
| Founded | Apr 1989 |
| Share capital | ¥6.26B |
| Employees (consolidated) | 37,752 |
| Average salary (parent only) | ¥9.7M |
| Fiscal year end | March |
| Website | www.hoya.com (https://www.hoya.com/) |
| Corporate number | 7011101019599 |
| EDINET | E01124 |
| Industries (Vizora) | Medical Devices, Glass & Ceramics, Semiconductor Materials, Watches, Jewelry & Eyewear |

> Profile source: annual securities report (S100YD7J, filed 2026-06-17). As of filing

## Five-axis industry profile

Primary industry: Watches, Jewelry & Eyewear (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 67.5 | 20 |
| Efficiency | 21.4 | 21 |
| Financial strength | 87.5 | 4 |

Each axis is shown independently. Missing values are labeled unavailable; no combined score is calculated. Industry rank is not an investment recommendation.

## Key points (generated from figures)

- About 62% of HOYA's sales come from Life Care, with Information Technology making up much of the rest.
- Revenue changed +9.4% from the prior year.

## Company structure

- Segment revenue mix: Life Care 62.5%、Information Technology 37.5%
- Revenue → net income: ¥947749000000 → ¥251451000000
- Net income → operating cash flow: ¥251451000000 → ¥278446000000（difference ¥26995000000）
- Main uses of operating cash flow: CapEx ¥56581000000 / dividends ¥81903000000 / buybacks ¥171970000000
- Change in cash: ¥40125000000
Segment shares use total reported segment revenue, which may include inter-segment sales. The cash bridge is operating cash flow minus net income and combines non-cash items and working-capital effects.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥947.7B |  |
| Operating income | — | Margin — |
| Net income | ¥253.1B | Margin 26.7% |
| Free cash flow | ¥221.9B |  |
| Largest business | Life Care | of segment revenue 62.5% |
| Employees (consolidated) | 37,752 |  |
| EPS | ¥743.93 |  |
| Diluted EPS | ¥743.82 |  |
| Book value per share | ¥1212.47 |  |
| Equity ratio | 78.4% | Derived from disclosed figures |
| Shares outstanding | 338,414,320 |  |
| Treasury shares | 2,925,500 |  |
| Shareholders | 19,043 |  |
| Average salary (parent only) | ¥9.7M | Filing company only |
| Cash ratio | 44.1% | Net cash ¥531.9B · Cash ÷ revenue 60.6% |
| ROE | 25.4% | Derived from disclosed figures |
| ROA | 20.0% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 2.1× dividends
- FY2026, cash is 44% of total assets
- FY2026, parent-company salary changed +22% over five years

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥547921000000 | ¥947749000000 | +73.0% |
| Employees | 37,245 people | 37,752 people | +1.4% |
| Cash and equivalents | ¥334897000000 | ¥574092000000 | +71.4% |

### Change in segment revenue mix

Span: FY ending Mar 2021 → FY ending Mar 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| ライフケア → ライフケア | 62.5% |
| ライフケア → 事業再編・廃止 | 0.5% |
| 情報・通信 → 情報・通信 | 37.0% |
| 新設・再編 → 情報・通信 | 0.5% |

Segment revenue source references: 4 (derived)

## Income statement（FY ending Mar 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 947,749 | 100.0% | S100YD7J |
| Pretax income | 327,668 | 34.6% | S100YD7J |
| Income tax | 76,216 | 8.0% | S100YD7J |
| Net income | 251,451 | 26.5% | S100YD7J |
| Net income attributable to owners | 253,085 | 26.7% | S100YD7J |

Operating income is not available as a machine-readable numeric value for this company. See the income statement table in its filing.

## Year over year（FY ending Mar 2025 → FY ending Mar 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 866,032 | 947,749 | 81,717 | +9.4% |
| Net income attributable to owners | 202,101 | 253,085 | 50,984 | +25.2% |
| Operating cash flow | 235,113 | 278,446 | 43,333 | +18.4% |
| Free cash flow | 187,191 | 221,865 | 34,674 | +18.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2017 | 478,927 | — | — | 86,852 | 107,662 | — | S100LGMY |
| FY ending Mar 2018 | 535,612 | — | — | 99,222 | 135,499 | — | S100O6IV |
| FY ending Mar 2019 | 565,810 | — | — | 122,072 | 146,588 | — | S100RXT7 |
| FY ending Mar 2020 | 576,546 | — | — | 114,406 | 163,366 | 118,189 | S100LGMY |
| FY ending Mar 2021 | 547,921 | — | — | 125,446 | 151,812 | 120,566 | S100O6IV |
| FY ending Mar 2022 | 661,466 | — | — | 164,507 | 190,055 | 161,183 | S100RXT7 |
| FY ending Mar 2023 | 723,582 | — | — | 168,638 | 201,829 | 168,356 | S100TOTA |
| FY ending Mar 2024 | 762,610 | — | — | 181,377 | 222,802 | 181,728 | S100VW2P |
| FY ending Mar 2025 | 866,032 | — | — | 202,101 | 235,113 | 187,191 | S100YD7J |
| FY ending Mar 2026 | 947,749 | — | — | 253,085 | 278,446 | 221,865 | S100YD7J |

## People and productivity（FY ending Mar 2026, consolidated, IFRS）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥25.1M |
| Net income per employee (consolidated) | ¥6.7M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 38,376 | 36,571 | 35,702 | 37,909 | 37,752 |
| Average salary (parent company) | ¥8M | ¥7.4M | ¥8.2M | ¥9.2M | ¥9.7M |
| Average age (parent company) | 47.2 years | 47.8 years | 47.8 years | 47.8 years | 47.6 years |
| Average tenure (parent company) | 19.0 years | 20.2 years | 19.7 years | 19.3 years | 18.7 years |

Year over year: Employees (consolidated) -0.4% · Revenue (consolidated) +9.4%

## Segments（FY ending Mar 2026, consolidated, IFRS、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Life Care | 590,680 | 62.5% | — | — |
| Information Technology | 354,751 | 37.5% | — | — |

### segmentMix — Revenue and profit mix

Calculated from disclosed figures (DERIVED). Shares use total segment revenue and total positive segment profit respectively. Difference = profit share − revenue share (pt). Inter-segment sales may prevent reconciliation to company revenue.

| Segment | Revenue share |
| --- | ---: |
| Life Care | 62.5% |
| Information Technology | 37.5% |

Segment → industry: Life Care → Medical Devices / Information Technology → Glass & Ceramics / Information Technology → Semiconductor Materials / Life Care → Watches, Jewelry & Eyewear

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 278,446 | 29.4% | S100YD7J |
| Capital expenditure | 56,581 | 6.0% | S100YD7J |
| Free cash flow | 221,865 | 23.4% | 算出 |
| Investing cash flow | -7,586 | -0.8% | S100YD7J |
| Financing cash flow | -261,259 | -27.6% | S100YD7J |
| Dividends paid | 81,903 | 8.6% | S100YD7J |
| Share buyback | 171,970 | 18.1% | S100YD7J |
| Change in cash | 40,125 | 4.2% | S100YD7J |
| Cash and equivalents | 574,092 | 60.6% | S100YD7J |

## Balance sheet

Figures are as of each fiscal year end. Derived values are marked as such in the source column. Lease liabilities are excluded from interest-bearing debt.

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 419,404 | 405,888 | 525,162 | 533,967 | 574,092 | S100TOTA, S100VW2P, S100YD7J |
| Total assets | 992,839 | 1,028,326 | 1,203,623 | 1,234,278 | 1,300,897 | S100RXT7, S100TOTA, S100VW2P, S100YD7J |
| Net assets | 789,056 | 814,604 | 962,264 | 971,629 | 1,035,004 | S100TOTA, S100VW2P, S100YD7J |
| Share capital | 6,264 | 6,264 | 6,264 | 6,264 | 6,264 | S100RXT7, S100TOTA, S100VW2P, S100YD7J |
| Property, plant and equipment | 169,665 | 178,648 | 198,225 | 210,890 | 235,653 | S100RXT7, S100TOTA, S100VW2P, S100YD7J |
| Goodwill | 39,648 | 46,818 | 52,742 | 52,174 | 54,405 | S100RXT7, S100TOTA, S100VW2P, S100YD7J |
| Current assets | 682,965 | 710,155 | 856,635 | 879,731 | 960,752 | S100RXT7, S100TOTA, S100VW2P, S100YD7J |
| Interest-bearing debt | 21,600 | 24,582 | 29,239 | 37,283 | 42,241 | S100RXT7, S100TOTA, S100VW2P, S100YD7J |
| Total liabilities | 203,783 | 213,722 | 241,359 | 262,649 | 265,893 | S100RXT7, S100TOTA, S100VW2P, S100YD7J |
| Equity attributable to owners of parent | 803,851 | 818,321 | 967,758 | 974,023 | 1,020,460 | S100RXT7, S100TOTA, S100VW2P, S100YD7J |
| Retained earnings | 802,815 | 752,999 | 805,997 | 871,357 | 902,401 | S100RXT7, S100TOTA, S100VW2P, S100YD7J |
| Treasury stock | -68,310 | -41,374 | -6,874 | -57,595 | -78,759 | S100RXT7, S100TOTA, S100VW2P, S100YD7J |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 44% | S100YD7J |
| Property, plant and equipment | 18% | S100YD7J |
| Intangibles and goodwill | 4% | — |
| Other assets | 34% | S100YD7J |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Interest-bearing debt | 3% | S100YD7J |
| Other liabilities | 17% | S100YD7J |
| Equity | 80% | S100YD7J |

### Balance sheet history

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 992,839 | 1,028,326 | 1,203,623 | 1,234,278 | 1,300,897 |
| Equity | 789,056 | 814,604 | 962,264 | 971,629 | 1,035,004 |
| Interest-bearing debt | 21,600 | 24,582 | 29,239 | 37,283 | 42,241 |
| Cash | 419,404 | 405,888 | 525,162 | 533,967 | 574,092 |

## Asset intensity and goodwill

Ratios are derived from reported values. Goodwill is used only when separately reported, never inferred from combined intangible assets.

| Metric | Value | Sources |
| --- | ---: | ---: |
| Asset intensity (fixed assets ÷ revenue) | 24.9% | S100YD7J |
| Fixed assets ÷ total assets | 18.1% | S100YD7J |
| Goodwill ÷ parent equity | 5.3% | S100YD7J |

Goodwill over 4 years: 39,648 → 54,405 JPY; total investing cash flow: -153,380 JPY. This does not imply causation.

### Cash quality

Net cash = cash − interest-bearing debt. Net debt ratio = (interest-bearing debt − cash) ÷ positive operating cash flow. Omit when debt components are incomplete; other ratios are derived from reported figures.

| Metric | Value |
| --- | ---: |
| Cash ratio (cash ÷ total assets) | 44.1% |
| Cash ÷ revenue | 60.6% |
| Net cash (cash − interest-bearing debt) | ¥531.9B |
| Net debt ÷ operating cash flow | -1.91× |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 25,361 JPY mn (of net income 10.0%) |
| Shareholder returns / net income | 100.3% |
| Shareholder returns / FCF | 114.4% |
| Shareholder payments — dividends / net income | 32.4% |
| Shareholder payments — dividends / FCF | 36.9% |
| CapEx intensity (capex ÷ revenue) | 6.0% |
| Investing CF relative to operating CF | 2.7% |

## ROA and ROE

ROE is decomposed into net margin × asset turnover × financial leverage. Leverage can raise ROE, so the ratio alone does not assess a company's condition. Ending balances are used without a prior year; total equity approximates parent equity when unavailable.

| Period | Net margin | Asset turnover | ROA | Financial leverage | ROE | Sources |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 24.9% | 0.67× | 16.6% | 1.24× | 20.5% | S100RXT7 |
| 2023 | 23.3% | 0.72× | 16.7% | 1.25× | 20.8% | S100TOTA |
| 2024 | 23.8% | 0.68× | 16.3% | 1.25× | 20.3% | S100VW2P |
| 2025 | 23.3% | 0.71× | 16.6% | 1.26× | 20.8% | S100YD7J |
| 2026 | 26.7% | 0.75× | 20.0% | 1.27× | 25.4% | S100YD7J |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 18.5% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 6.9% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505001 （常任代理人株式会社みずほ銀行決済営業部） | Major shareholder | 4.1% | 2026-03-31 |
| DEUTSCHE BANK TRUST COMPANY AMERICAS （常任代理人株式会社三菱ＵＦＪ銀行決済事業部） | Major shareholder | 2.4% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505103 （常任代理人株式会社みずほ銀行決済営業部） | Major shareholder | 1.8% | 2026-03-31 |
| GOVERNMENT OF NORWAY （常任代理人シティバンク、エヌ・エイ東京支店ダイレクト・カストディ・クリアリング業務部） | Major shareholder | 1.6% | 2026-03-31 |
| BNYM AS AGT/CLTS 10 PERCENT （常任代理人株式会社三菱ＵＦＪ銀行決済事業部） | Major shareholder | 1.6% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505025 （常任代理人株式会社みずほ銀行決済営業部） | Major shareholder | 1.6% | 2026-03-31 |
| BNYM AS AGT/CLTS NON TREATY JASDEC （常任代理人株式会社三菱ＵＦＪ銀行決済事業部） | Major shareholder | 1.5% | 2026-03-31 |
| JP MORGAN CHASE BANK 385781 （常任代理人株式会社みずほ銀行決済営業部） | Major shareholder | 1.5% | 2026-03-31 |

## AI commentary（text by AI; the tables above are authoritative、claude-code）

- Revenue for the FY ending Mar 2026 was ¥947.7B, up +9.4% from ¥866B.
- Net income grew faster, rising +25.2% to ¥253.1B.
- Operating cash flow reached ¥278.4B (+18.4%) and free cash flow ¥221.9B (+18.5%).

### Drivers

- Both Life Care and Information Technology sold more
- HOYA paid less than it had expected to buy out a partner in a Chinese joint venture for cataract lenses, and booked the difference as a one-off gain
- Demand for mask blanks used in advanced EUV chipmaking stayed high while DUV demand kept rising; imaging lenses and display photomasks also grew strongly

### Risks

- A stronger yen against major currencies would shrink sales and profit once converted to yen
- Large retailers and online sellers are pushing down prices for Life Care products
- Production problems or delays in starting new equipment

Cited: Amended Annual Securities Report (88th term) (経営者による財政状態、経営成績及びキャッシュ・フローの状況の分析); Amended Annual Securities Report (88th term) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 訂正有価証券報告書－第88期(2025/04/01－2026/03/31) | S100YD7J | 2026-06-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YD7J,, |
| 有価証券報告書－第87期(2024/04/01－2025/03/31) | S100VW2P | 2025-06-05 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VW2P,, |
| 有価証券報告書－第86期(2023/04/01－2024/03/31) | S100TOTA | 2024-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TOTA,, |
| 訂正有価証券報告書－第85期(2022/04/01－2023/03/31) | S100RXT7 | 2023-09-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RXT7,, |
| 有価証券報告書－第84期(令和3年4月1日－令和4年3月31日) | S100O6IV | 2022-06-03 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O6IV,, |
| 有価証券報告書－第83期(令和2年4月1日－令和3年3月31日) | S100LGMY | 2021-06-04 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LGMY,, |

## Definitions

- Amounts are in millions of JPY (rounded). The period is stated in each table heading
- Operating margin = operating income ÷ revenue. Net income is attributable to owners of the parent when disclosed
- Free cash flow (FCF) = operating cash flow − capital expenditure
- ¥100 model = breakdown per ¥100 of revenue (rounded so parts sum to 100)
- Segment revenues include inter-segment sales and may not sum to consolidated revenue
- Source IDs are EDINET document IDs (docID). "算出" (derived) means computed from other disclosed values
- All figures are extracted mechanically from filings. AI-written text never generates figures
- Source: company filings submitted to EDINET (Financial Services Agency of Japan). Figures were extracted, edited and processed, and charts and text were created, by Vizora — not by the FSA (used under the Public Data License v1.0).